About Pippin Aint Easy

Like the title of this blog suggests, grabbin' pips in the Forex markets is easier said than done. This technical analysis blog will allow you to check out how I see currency price action playing out and chart patterns forming in real-time.

This is the true story of one man, picked to live in front of his computer screen and find ways to make money off the Foreign Exchange. See what happens when markets stop being polite, and start being real!

Intraday Forex Charts Update – July 8, 2016

EUR/CAD: 1-Hour

EUR/CAD: 1-Hour Forex Chart

EUR/CAD has been trading sideways while respecting resistance at the 1.4450 minor psychological level and support at the 1.4300 major psychological level, which gives us a 150-pip trading range or rectangle pattern to play with. The pair is currently testing the rectangle’s resistance area, so get ready to go short if you plan to trade within the range. Stochastic is indicating oversold conditions, though, and with the pair currently at the resistance area, there’s a chance that bulls will attempt an upside breakout. Such a scenario is highly unlikely, though, since price has been respecting that there falling trend line since May.

CAD/CHF: 1-Hour

CAD/CHF: 1-Hour Forex Chart

Look familiar? If that chart looks familiar to you, that’s probably because you were able to read up on Wednesday’s intraday forex chart update. And if you can still recall, I presented two scenarios back then, and the pair obviously chose the ascending channel scenario. However, price keeps getting rejected at the 0.7560 minor psychological level (dashed horizontal line) and price seems to have a difficult time pulling away from that well-respected falling trend line that I’m beginning to suspect that the downside channel breakout scenario will play out sooner or later. I could be wrong, of course, so always make sure to practice proper risk management.

GBP/CAD: 1-Hour

GBP/CAD: 1-Hour Forex Chart

That there rectangle pattern on GBP/CAD’s 1-hour chart seems very simple enough, but it’s actually quite complicated. You see, that rectangle’s support area at 1.6700 has significant market interest since the last time price got there was way back in 2013. You can go ahead and check it out for yourself by zooming out to the higher times frames like the dailies or weeklies. And given that level of market interest, I’m inclined to believe that the pair will climb higher. However, price is also approaching the 100 SMA and it may act as dynamic resistance. Also, stochastic is signalling overbought conditions, so there’s a chance that resistance at 1.6900 will hold and the pair will move lower to test support again.

Forex Chart Settings:

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.

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